BELGLO: what changed
What changed
BELGLO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€50,529
2024 · €61,272-€10,744
Equity
€261,962
2024 · €471,433-€209,471
Cash
€25,409
2024 · €105,147-€79,738
Balance sheet total
€738,406
2024 · €1.0m-€271,113
Largest movements
Assets
- Receivables after one year -€183,091
down €183,091 (-100%), from €183,091 to €0
- Cash -€79,738
down €79,738 (-75.8%), from €105,147 to €25,409
mainly Contributions, distributions and other (-€260,000) and Debts after one year (-€58,609)
Equity and liabilities
- Reserves -€209,471
down €209,471 (-44.9%), from €466,433 to €256,962
- Debts after one year -€58,609
down €58,609 (-12.8%), from €457,830 to €399,221
Income statement
- Financial income -€22,655
down €22,655 (-34.0%), from €66,604 to €43,949
- Gross operating margin +€15,521
up €15,521 (+83.1%), from €18,669 to €34,191
- Taxes +€5,480
up €5,480 (+1,141%), from €480 to €5,960
- Financial charges -€4,631
down €4,631 (-29.5%), from €15,684 to €11,054
- Depreciation +€3,274
up €3,274 (+53.8%), from €6,086 to €9,360
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€61,272
Gross operating margin
+€15,521
Depreciation
-€3,274
Other operating charges
+€513
Financial income
-€22,655
Financial charges
+€4,631
Taxes
-€5,480
Result 2025
€50,529
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€242,907
Investment
-€6,178
Financing
-€316,467
Cash 2024
€105,147
From operations (derived)
+€242,907
Net result for the year
+€50,529
Depreciation
+€9,360
Receivables after one year
+€183,091
Receivables within one year
-€4,359
Deferred charges and accrued income
+€9,460
Trade debts
+€76
Tax, wage and social debts
-€6,625
Accrued charges and deferred income
+€1,375
Investment (derived)
-€6,178
Investment in fixed assets (net)
-€6,178
Financing
-€316,467
Debts after one year
-€58,609
Current portion of long-term debt
+€1,750
Short-term financial debts
+€392
Contributions, distributions and other
-€260,000
Cash 2025
€25,409
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,009,518 | €738,406 | -€271,113 | -26.9% |
| Fixed assets | 21/28 | €708,258 | €705,076 | -€3,183 | -0.4% |
| Tangible fixed assets | 22/27 | €205,672 | €203,739 | -€1,933 | -0.9% |
| Land and buildings | 22 | €202,346 | €201,692 | -€654 | -0.3% |
| Plant, machinery and equipment | 23 | €2,959 | €2,047 | -€912 | -30.8% |
| Furniture and vehicles | 24 | €367 | €0 | -€367 | -100% |
| Financial fixed assets | 28 | €502,587 | €501,337 | -€1,250 | -0.2% |
| Current assets | 29/58 | €301,260 | €33,330 | -€267,930 | -88.9% |
| Amounts receivable after more than one year | 29 | €183,091 | €0 | -€183,091 | -100% |
| Other amounts receivable | 291 | €183,091 | €0 | -€183,091 | -100% |
| Amounts receivable within one year | 40/41 | €705 | €5,064 | +€4,359 | +618% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €705 | €5,064 | +€4,359 | +618% |
| Cash at bank and in hand | 54/58 | €105,147 | €25,409 | -€79,738 | -75.8% |
| Deferred charges and accrued income | 490/1 | €12,317 | €2,857 | -€9,460 | -76.8% |
| Total equity and liabilities | 10/49 | €1,009,518 | €738,406 | -€271,113 | -26.9% |
| Equity | 10/15 | €471,433 | €261,962 | -€209,471 | -44.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €466,433 | €256,962 | -€209,471 | -44.9% |
| Distributable reserves | 133 | €466,433 | €256,962 | -€209,471 | -44.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €538,085 | €476,444 | -€61,641 | -11.5% |
| Amounts payable after more than one year | 17 | €457,830 | €399,221 | -€58,609 | -12.8% |
| Financial debts | 170/4 | €457,830 | €399,221 | -€58,609 | -12.8% |
| Amounts payable within one year | 42/48 | €80,255 | €75,848 | -€4,407 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €56,859 | €58,609 | +€1,750 | +3.1% |
| Financial debts | 43 | €236 | €628 | +€392 | +166% |
| Credit institutions | 430/8 | €236 | €628 | +€392 | +166% |
| Trade debts | 44 | €4,399 | €4,475 | +€76 | +1.7% |
| Suppliers | 440/4 | €4,399 | €4,475 | +€76 | +1.7% |
| Taxes, remuneration and social security | 45 | €18,761 | €12,136 | -€6,625 | -35.3% |
| Taxes | 450/3 | €18,761 | €12,136 | -€6,625 | -35.3% |
| Accrued charges and deferred income | 492/3 | €0 | €1,375 | +€1,375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,086 | €9,360 | +€3,274 | +53.8% |
| Other operating charges | 640/8 | €1,750 | €1,237 | -€513 | -29.3% |
| Gross operating margin | 9900 | €18,669 | €34,191 | +€15,521 | +83.1% |
| Operating profit (loss) | 9901 | €10,833 | €23,593 | +€12,760 | +118% |
| Financial income | 75/76B | €66,604 | €43,949 | -€22,655 | -34.0% |
| Recurring financial income | 75 | €66,604 | €43,949 | -€22,655 | -34.0% |
| Financial charges | 65/66B | €15,684 | €11,054 | -€4,631 | -29.5% |
| Recurring financial charges | 65 | €15,684 | €11,054 | -€4,631 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €61,753 | €56,489 | -€5,264 | -8.5% |
| Income taxes | 67/77 | €480 | €5,960 | +€5,480 | +1,141% |
| Profit (loss) for the period | 9904 | €61,272 | €50,529 | -€10,744 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,272 | €50,529 | -€10,744 | -17.5% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.